Nathan Wallace Appraisals maintains the utmost professional ethicsAppraising is a profession, and appraisers are professionals. Requirements to become a licensed appraiser have increased more than ever in the past. That's why it goes without question in this day and age that real estate appraisal can unquestionably be dubbed a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
We have a great deal of responsibilities as appraisers, but above everything we answer to our clients.
Normally, in residential practice, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
It's important to know that a lot of matters relating to an assignment are to be shared with the appraiser's client. As
a homeowner, if you desire a copy of an appraisal report, you generally should request it via your lender.
Appraisers will regularly need to consider the interests of third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary responsibility is only to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the order.
There are also ethical standards that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Nathan Wallace Appraisals you can rest assured that we adhere to that rule.
We demand the highest ethical standards possible from ourselves. Working on orders where our fee is dependent on our value conclusion is not something we can consider. In other words, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. It should be apparent to anyone that fabricating a home's value to achieve what amounts to a higher fee is unethical! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice also describes unethical behavior as accepting of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)", "a direction in assignment results that favors the cause of the client", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can be confident we are working hard to get you an accurate home or property value.
With Nathan Wallace Appraisals, you won't have any doubts that you're getting 100 percent ethical, honest service.